A widely followed crypto analyst believes that Bitcoin (BTC) may go on a massive rally and hit six figures after the US presidential election.
Pseudonymous crypto trader Kaleo tells his 649,500 followers on the social media platform X that Bitcoin may repeat an end-of-the-year pattern from 2023 and print fresh all-time highs (ATHs).
“Overlayed the fractal of last September/October’s price action to this year’s just for fun. It serves as a good reminder that September did mark the bottom of the range and ‘Uptober’ led to a solid shift in momentum higher, but the real fun started at the end of the month through December.
I like the idea of the general path. It aligns with my theory of: ‘Range through the election. Rip when it’s over.’
Just a bit more patience bros. Won’t be long before sleepless nights are the norm again. Enjoy the calm while it lasts.”
Looking at his chart, the analyst suggests that Bitcoin could close out December at around $112,000.
Next up, the analyst suggests that the value of Bitcoin relative to the price of gold, the BTC/gold ratio, may break out of a descending channel and reach new all-time highs.
“Imagine looking at the BTC/gold ratio chart and not bullieving it’s about to be up up only sending to new all-time highs soon.”
Bitcoin is trading for $63,449 at time of writing, up 5.2% in the last seven days.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
